Level 1

Sales Tax adjustment on sales receipt

I need help in understanding how to match my sales tax on sales receipt to match what the CC vendor charged in sales tax.  There is a $.01 difference between how the vendor calculated the tax (rounding tax by item) than how QB calculates the tax (rounding tax by invoice).  I need my sales receipts to match what the vendor charged the customer.  

QuickBooks Team

Taxes

Hello there, @New Day Hoedown.

 

There are times that the sales tax will automatically round up or down when calculated based on the amount of the invoice or sales receipt. You can process a sales tax adjustment for the $0.01 difference. This is to make sure you keep an accurate record of these taxes and match it with the CC vendor charged. Here's how to enter a positive adjustment:

  1. Go to the Customers menu.
  2. Select Enter Sales Receipts.
  3. Leave the Customer field blank.
  4. Select the Tax drop-down and choose a 0% sales tax item. If none exists, select Add New and create one.
  5. In the Item column, select the first empty line then select the sales tax item you want to adjust.
  6. In the Amount column, enter the amount of the adjustment then press Tab or Enter.
  7. Select OK when you receive the message "Changing the amount of a tax line item may cause your sales tax reports to be incorrect."
  8. Repeat steps 4 to 6 for any other sales items to be adjusted.
  9. Select Save & Close.

 

For negative adjustments, kindly refer to this article's Adjust amounts for sales tax items (Negative adjustment) section for the step-by-step guide: Process sales tax adjustment.

 

Once done, you should be able to match your sales receipt to what the vendor charged the customer. Then, to match your downloaded bank transactions, kindly refer to this article's Add and match transactions section for the detailed steps: Set up and use Online Banking (Mac).

 

Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about managing your sales taxes and other transactions in QBDT for Mac. I'm just around to help. Take care.

Level 1

Taxes

I have been reading through these forums for hours now looking for a solution to this and apparently Quickbooks refuses to handle this properly. I have already had a customer complain that I was overcharging him for the sales tax since the sales tax groups don't wait until the end to round the numbers. In Texas, I have to keep track of each individual county, city and metro area a customer is in as they all have to be collected and reported separately so using one tax rate statewide is not an option. I also have to reconcile transactions with my ecommerce software and bank deposits and, seeing as they can calculate properly, they aren't matching up. If Intuit can't figure out how to fix the calculation, we at least need to know how to alter each individual invoice to correct for this, waiting to make adjustments at the end of the month is not good enough.

QuickBooks Team

Taxes

Hi txaggie96,

 

It would be best if you can contact our Support team. That way, they can start a screen-sharing session and discuss the tax calculation while you're looking on the same page.

  1. Click on this link: https://intuit.me/3aoO8ls.
  2. Choose Quickbooks Desktop for Mac.
  3. Select Using QuickBooks for Mac,
  4. Scroll down and click on Start a message.

If you have other concerns, feel free to go back to this thread.